Offshore Decommissioning Market, by Decommissioning Process (Project Management, Planning and Engineering, Permitting Compliance, Regulatory Compliance, Platform Preparation, Others), by Services (Modelling and Sampling, Waste Mapping and Handling, Site Inspection and Weight Estimation, Others), by Water Depth (Shallow Depth, Deep Water, Ultra- Deep Water) - Global Industry Insights, Trends, Outlook and Opportunity Analysis, 2018-2026
- Report code : CMI14885 |
- Industry :
Energy
- Published On : May 2019 |
- Pages : 230 Pages |
- Format :
Global Offshore Decommissioning Market – Insights
Offshore decommissioning includes the safe plugging of the matured and nonproductive wells in the earth’s surface together with the disposal of the offshore oil production equipment. This is a legal condition imposed under the Petroleum Act 1998 of the parliament of the U.K. Decommissioning is a rapidly growing sector in the field of petroleum business, with potential opportunities and few risks. Major drivers of global offshore decommissioning market are infrastructure aging and maturing oilfields especially in North Sea and Gulf of Mexico. Moreover, decline in crude oil prices are estimated to augment growth of the offshore decommissioning market. Risk involved and high cost for decommissioning are some of the factors restraining the global offshore decommissioning market growth.
Based on decommissioning services, the market is segregated into removal, disposal, remediation, and environmental studies; modelling and sampling; waste mapping and handling; impact assessment program and decommissioning plan; hazard identification study (HAZID) and safety screening, removal of equipment with NORM (Naturally Occurring Radioactive Material); stress analysis, lifting and rigging procedures; and transportation and sea fastening.
Furthermore, on the basis of process the offshore decommissioning market is segmented into Project management planning and engineering, permitting compliance regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilization & demobilization of derrick barges, mobilization & demobilization of derrick barges, platform removal, pipeline and cable decommissioning, and material disposal site clearance.
Among regions, in 2018, Asia Pacific held the significant position in the offshore decommissioning market. Major operators expected to carry out decommissioning in the Asia Pacific region include Petramina, CNOOC, Petronas, Royal Dutch Shell, and Chevron. The focus is expected to be on shallow water depth installations. Thailand, Malaysia, and Indonesia are host to mature shallow water installations and will be the key drivers for offshore decommissioning market growth in the region. Supply chain issues and lack of technological knowhow may hinder the fast tracking of decommissioning operations.
The global offshore decommissioning market was valued at US$ 5.96 billion in 2018, and is expected to register a CAGR of 5.4% in terms of revenue over the forecast period (2019–2027), to reach US$ 9.50 billion by 2027.
Figure 1. Global Offshore Decommissioning Market Share (%), By Region, 2018
Source: Coherent Market Insights, 2018-19
Europe accounted for the largest market share in the global offshore decommissioning market in 2018. The Europe offshore decommissioning market is majorly driven by presence of maturing oil and gas fields. Moreover, stringent government regulations in the European nations have allowed the market players to carry out safe and efficient decommissioning activities, which has driven the offshore decommissioning market in this region. Several market players have undertaken steps such as new product launch and contracts signings to successfully carry out decommissioning on their oil fields.
The Oil Spill Prevention, Administration, and Response (OSPAR) Commission is a convention that aims to protect the marine environment of the North-east Atlantic. As contracting parties to the OSPAR Convention, the U.K., Norway, Denmark, and The Netherlands are committed to OSPAR Decision 98/3, which requires all offshore structures to be removed during decommissioning.
In 2018, North America held the second largest share in the global offshore decommissioning market with the U.S. being the major contributor, owing to burgeoning decommissioning activities in the Gulf of Mexico. Increase in number of decommissioning of the oil and gas fields in the Gulf of Mexico and the stringent government regulations on safe decommissioning are the major drivers propelling the growth of offshore decommissioning market in this region. For instance, general requirements for decommissioning are specified through the U.S. Code of Federal Regulations and are enforced by the U.S. Department of Interior through the Bureau of Safety and Environment Enforcement (BSEE).
Figure 2. Global Offshore Decommissioning Market Share (%), By Water Depth, 2018
Source: Coherent Market Insights, 2018-19
Based on water depth, shallow water contributed for the largest revenue share of around 66.0% in 2018, in the global offshore decommissioning market. Aging structures in the shallow North Sea and the U.K. continental shelf is likely to propel the demand for decommissioning in the near future. Structures in the North Sea are typically heavier and were not designed by keeping into account the decommissioning cost. Hence, decommissioning these heavier structures requires significant planning and equipment, which ramps up cost.
Major players operating in the global offshore decommissioning market include, Acteon Group Limited, Topicus Finan BV, AF Gruppen ASA, Tetra Technologies Inc., Allseas Group S.A., DeepOcean Group Holding B.V., John Wood Group Plc, and Exxon Mobil Corporation.
The term “decommissioning” refers to the process of ending oil and gas operation at the offshore platform, keeping in account the risk and safety of the offshore environment. This process is carried out when oil production from the well decreases significantly. Offshore decommissioning must be done cost efficiently, as it comprises risks and uncertainties, creating challenges for decommissioning projects.
Factors such as rising number of maturing oil & gas fields especially in Gulf of Mexico and North Sea is predicted to drive growth of global offshore decommissioning market over the forecast period. However, high cost of decommissioning and ecosystem risk involved during the process is likely to hinder growth of the market in the near future.
Market Dynamics
Among water depth segment, shallow water sub-segment is expected to gain significant market share in the global offshore decommissioning market over the forecast period. In 2018, the segment accounted for over 65.0% share in the global offshore decommissioning market in terms of revenue. Ageing structure in North Sea and Gulf of Mexico will undergo decommissioning activities during the forecast period.
Among regions, Europe held dominant position in the global offshore decommissioning market in terms of revenue share, in 2018. The region held for around 42.0% of the total revenue share generated across the globe. The regional growth is mainly derived by presence of maturing oil & gas fields.
Key features of the study:
- This report provides in-depth analysis of global offshore decommissioning market and provides market size (US$ Billion) and Compound Annual Growth Rate (CAGR %) for the forecast period (2019–2027), considering 2018 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategy adopted by key players
- It profiles key players in the global offshore decommissioning market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
- Key companies covered as a part of this study include, Acteon Group Limited, Topicus Finan BV, AF Gruppen ASA, Tetra Technologies Inc., Allseas Group S.A., DeepOcean Group Holding B.V., John Wood Group Plc, and Exxon Mobil Corporation
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, technology up-gradation, market expansion, and marketing tactics
- The global offshore decommissioning market report caters to various stakeholders in this market including investors, suppliers, offshore decommissioning manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global offshore decommissioning market
Detailed Segmentation:
- Global Offshore decommissioning Market, By Decommissioning Service:
- Removal, Disposal, Remediation and Environmental Studies
- Modelling and Sampling
- Waste Mapping and Handling
- Impact Assessment Program and Decommissioning Plan
- HAZID (Hazard Identification Study) and Safety Screening, Removal of Equipment with NORM
- Stress Analysis, Lifting and Rigging Procedures
- Transportation and Sea Fastening
- Global Offshore decommissioning Market, By Process:
- Project Management Planning and Engineering
- Permitting Compliance Regulatory Compliance
- Platform Preparation
- Well Plugging and abandonment
- Conductor Removal
- Mobilization & Demobilization of Derrick Barges
- Mobilization & Demobilization of Derrick Barges
- Platform Removal
- Pipeline and Cable Decommissioning
- Material Disposal Site clearance
- Global Offshore decommissioning Market, By Water Depth:
- Shallow
- Deep Water
- Ultra Deep Water
- Global Offshore decommissioning Market, By Region:
- North America
- U.S.
- By Decommissioning Service:
- Removal, Disposal, Remediation and Environmental Studies
- Modelling and Sampling
- Waste Mapping and Handling
- Impact Assessment Program and Decommissioning Plan
- HAZID (Hazard Identification Study) and Safety Screening, Removal of Equipment with NORM
- Stress Analysis, Lifting and Rigging Procedures
- Transportation and Sea Fastening
- By Process:
- Project Management Planning and Engineering
- Permitting Compliance Regulatory Compliance
- Platform Preparation
- Well Plugging and abandonment
- Conductor Removal
- Mobilization & Demobilization of Derrick Barges
- Mobilization & Demobilization of Derrick Barges
- Platform Removal
- Pipeline and Cable Decommissioning
- Material Disposal Site clearance
- By Water Depth:
- Shallow
- Deep Water
- Ultra Deep Water
- Canada
- By Decommissioning Service:
- Removal, Disposal, Remediation and Environmental Studies
- Modelling and Sampling
- Waste Mapping and Handling
- Impact Assessment Program and Decommissioning Plan
- HAZID (Hazard Identification Study) and Safety Screening, Removal of Equipment with NORM
- Stress Analysis, Lifting and Rigging Procedures
- Transportation and Sea Fastening
- By Process:
- Project Management Planning and Engineering
- Permitting Compliance Regulatory Compliance
- Platform Preparation
- Well Plugging and abandonment
- Conductor Removal
- Mobilization & Demobilization of Derrick Barges
- Mobilization & Demobilization of Derrick Barges
- Platform Removal
- Pipeline and Cable Decommissioning
- Material Disposal Site clearance
- By Water Depth:
- Shallow
- Deep Water
- Ultra Deep Water
- Europe
- U.K.
- By Decommissioning Service:
- Removal, Disposal, Remediation and Environmental Studies
- Modelling and Sampling
- Waste Mapping and Handling
- Impact Assessment Program and Decommissioning Plan
- HAZID (Hazard Identification Study) and Safety Screening, Removal of Equipment with NORM
- Stress Analysis, Lifting and Rigging Procedures
- Transportation and Sea Fastening
- By Process:
- Project Management Planning and Engineering
- Permitting Compliance Regulatory Compliance
- Platform Preparation
- Well Plugging and abandonment
- Conductor Removal
- Mobilization & Demobilization of Derrick Barges
- Mobilization & Demobilization of Derrick Barges
- Platform Removal
- Pipeline and Cable Decommissioning
- Material Disposal Site clearance
- By Water Depth:
- Shallow
- Deep Water
- Ultra Deep Water
- Norway
- By Decommissioning Service:
- Removal, Disposal, Remediation and Environmental Studies
- Modelling and Sampling
- Waste Mapping and Handling
- Impact Assessment Program and Decommissioning Plan
- HAZID (Hazard Identification Study) and Safety Screening, Removal of Equipment with NORM
- Stress Analysis, Lifting and Rigging Procedures
- Transportation and Sea Fastening
- By Process:
- Project Management Planning and Engineering
- Permitting Compliance Regulatory Compliance
- Platform Preparation
- Well Plugging and abandonment
- Conductor Removal
- Mobilization & Demobilization of Derrick Barges
- Mobilization & Demobilization of Derrick Barges
- Platform Removal
- Pipeline and Cable Decommissioning
- Material Disposal Site clearance
- By Water Depth:
- Shallow
- Deep Water
- Ultra Deep Water
- Rest of Europe
- By Decommissioning Service:
- Removal, Disposal, Remediation and Environmental Studies
- Modelling and Sampling
- Waste Mapping and Handling
- Impact Assessment Program and Decommissioning Plan
- HAZID (Hazard Identification Study) and Safety Screening, Removal of Equipment with NORM
- Stress Analysis, Lifting and Rigging Procedures
- Transportation and Sea Fastening
- By Process:
- Project Management Planning and Engineering
- Permitting Compliance Regulatory Compliance
- Platform Preparation
- Well Plugging and abandonment
- Conductor Removal
- Mobilization & Demobilization of Derrick Barges
- Mobilization & Demobilization of Derrick Barges
- Platform Removal
- Pipeline and Cable Decommissioning
- Material Disposal Site clearance
- By Water Depth:
- Shallow
- Deep Water
- Ultra Deep Water
- Asia Pacific
- Indonesia
- By Decommissioning Service:
- Removal, Disposal, Remediation and Environmental Studies
- Modelling and Sampling
- Waste Mapping and Handling
- Impact Assessment Program and Decommissioning Plan
- HAZID (Hazard Identification Study) and Safety Screening, Removal of Equipment with NORM
- Stress Analysis, Lifting and Rigging Procedures
- Transportation and Sea Fastening
- By Process:
- Project Management Planning and Engineering
- Permitting Compliance Regulatory Compliance
- Platform Preparation
- Well Plugging and abandonment
- Conductor Removal
- Mobilization & Demobilization of Derrick Barges
- Mobilization & Demobilization of Derrick Barges
- Platform Removal
- Pipeline and Cable Decommissioning
- Material Disposal Site clearance
- By Water Depth:
- Shallow
- Deep Water
- Ultra Deep Water
- Rest of Asia Pacific
- By Decommissioning Service:
- Removal, Disposal, Remediation and Environmental Studies
- Modelling and Sampling
- Waste Mapping and Handling
- Impact Assessment Program and Decommissioning Plan
- HAZID (Hazard Identification Study) and Safety Screening, Removal of Equipment with NORM
- Stress Analysis, Lifting and Rigging Procedures
- Transportation and Sea Fastening
- By Process:
- Project Management Planning and Engineering
- Permitting Compliance Regulatory Compliance
- Platform Preparation
- Well Plugging and abandonment
- Conductor Removal
- Mobilization & Demobilization of Derrick Barges
- Mobilization & Demobilization of Derrick Barges
- Platform Removal
- Pipeline and Cable Decommissioning
- Material Disposal Site clearance
- By Water Depth:
- Shallow
- Deep Water
- Ultra Deep Water
- Rest of World
- By Decommissioning Service:
- Removal, Disposal, Remediation and Environmental Studies
- Modelling and Sampling
- Waste Mapping and Handling
- Impact Assessment Program and Decommissioning Plan
- HAZID (Hazard Identification Study) and Safety Screening, Removal of Equipment with NORM
- Stress Analysis, Lifting and Rigging Procedures
- Transportation and Sea Fastening
- By Process:
- Project Management Planning and Engineering
- Permitting Compliance Regulatory Compliance
- Platform Preparation
- Well Plugging and abandonment
- Conductor Removal
- Mobilization & Demobilization of Derrick Barges
- Mobilization & Demobilization of Derrick Barges
- Platform Removal
- Pipeline and Cable Decommissioning
- Material Disposal Site clearance
- By Water Depth:
- Shallow
- Deep Water
- Ultra Deep Water
- Company Profiles
- Acteon Group Limited*
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments
- Future Plans
- Topicus Finan BV
- AF Gruppen ASA
- Company Overview
- Decommissioning Service Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Tetra Technologies Inc.
- Allseas Group S.A.
- DeepOcean Group Holding B.V.
- John Wood Group Plc
- Exxon Mobil Corporation
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet By Decommissioning Service
- Market Snippet By Process
- Market Snippet By Water Depth
- Market Snippet By Region
- Coherent Opportunity Map (COM)
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Supply Side Drivers
- Demand Side Drivers
- Economic Drivers
- Restraints
- Market Opportunities
- Regulatory Scenario
- Industry Trend
- Merger and Acquisitions
- Promotion and Marketing Initiatives
- Cost Tier Down Analysis
- Global Offshore Decommissioning Market, By Decommissioning Service, 2017 - 2027 (US$ Billion)
- Introduction
- Market Share Analysis, 2018 and 2027 (%)
- Y-O-Y Growth Analysis, 2019 - 2027
- Segment Trends
- Removal, Disposal, Remediation and Environmental Studies
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Modelling and Sampling
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Waste Mapping and Handling
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Impact Assessment Program and Decommissioning Plan
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- HAZID (Hazard Identification Study) and Safety Screening, Removal of Equipment with NORM
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Stress Analysis, Lifting and Rigging Procedures
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Transportation and Sea Fastening
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Global Offshore Decommissioning Market, By Process, 2017 - 2027 (US$ Billion)
- Introduction
- Market Share Analysis, 2018 and 2027 (%)
- Y-O-Y Growth Analysis, 2019 - 2027
- Segment Trends
- Project Management Planning and Engineering
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Permitting Compliance Regulatory Compliance
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Platform Preparation
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Well Plugging and abandonment
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Conductor Removal
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Mobilization & Demobilization of Derrick Barges
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Mobilization & Demobilization of Derrick Barges
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Platform Removal
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Pipeline and Cable Decommissioning
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Material Disposal Site clearance
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Global Offshore Decommissioning Market, By Water Depth, 2017 - 2027 (US$ Billion)
- Introduction
- Market Share Analysis, 2018 and 2027 (%)
- Y-O-Y Growth Analysis, 2019 - 2027
- Segment Trends
- Shallow
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Deep Water
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Ultra Deep Water
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2019 - 2027, (US$ Billion)
- Global Offshore Decommissioning Market, By Regions, 2017 - 2027 (US$ Billion)
- Introduction
- Market Share Analysis, By Region, 2018 and 2027 (%)
- Y-O-Y Growth Analysis, For Regions, 2019 - 2027
- North America
- Market Share Analysis, By Country, 2018 and 2027 (%)
- Y-O-Y Growth Analysis, By Country, 2019 - 2027
- U.S.
- Country Trends
- Market Size and Forecast, By Decommissioning Service, 2017 - 2027 (US$ Billion)
- Market Size and Forecast, By Process, 2017 - 2027 (US$ Billion)
- Market Size and Forecast, By Water Depth, 2017 - 2027 (US$ Billion)
- Canada
- Country Trends
- Market Size and Forecast, By Decommissioning Service, 2017 - 2027 (US$ Billion)
- Market Size and Forecast, By Process, 2017 - 2027 (US$ Billion)
- Market Size and Forecast, By Water Depth, 2017 - 2027 (US$ Billion)
- Europe
- Market Share Analysis, By Country, 2018 and 2027 (%)
- Y-O-Y Growth Analysis, By Country, 2019 - 2027
- U.K.
- Country Trends
- Market Size and Forecast, By Decommissioning Service, 2017 - 2027 (US$ Billion)
- Market Size and Forecast, By Process, 2017 - 2027 (US$ Billion)
- Market Size and Forecast, By Water Depth, 2017 - 2027 (US$ Billion)
- Norway
- Country Trends
- Market Size and Forecast, By Decommissioning Service, 2017 - 2027 (US$ Billion)
- Market Size and Forecast, By Process, 2017 - 2027 (US$ Billion)
- Market Size and Forecast, By Water Depth, 2017 - 2027 (US$ Billion)
- Rest of Europe
- Country Trends
- Market Size and Forecast, By Decommissioning Service, 2017 - 2027 (US$ Billion)
- Market Size and Forecast, By Process, 2017 - 2027 (US$ Billion)
- Market Size and Forecast, By Water Depth, 2017 - 2027 (US$ Billion)
- Asia Pacific
- Market Share Analysis, By Country, 2018 and 2027 (%)
- Y-O-Y Growth Analysis, By Country, 2019 - 2027
- Indonesia
- Country Trends
- Market Size and Forecast, By Decommissioning Service, 2017 - 2027 (US$ Billion)
- Market Size and Forecast, By Process, 2017 - 2027 (US$ Billion)
- Market Size and Forecast, By Water Depth, 2017 - 2027 (US$ Billion)
- Rest of Asia Pacific
- Country Trends
- Market Size and Forecast, By Decommissioning Service, 2017 - 2027 (US$ Billion)
- Market Size and Forecast, By Process, 2017 - 2027 (US$ Billion)
- Market Size and Forecast, By Water Depth, 2017 - 2027 (US$ Billion)
- Rest of the World
- Market Share Analysis, By Country, 2018 and 2027 (%)
- Y-O-Y Growth Analysis, By Country, 2019 - 2027
- Competitive Landscape
- Heat Map Analysis
- Market Share Analysis (3x3 Matrix)
- Company Profiles
- Acteon Group Limited
- Company Overview
- Decommissioning Service Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Topicus Finan BV
- Company Overview
- Decommissioning Service Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- AF Gruppen ASA
- Company Overview
- Decommissioning Service Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Tetra Technologies Inc.
- Company Overview
- Decommissioning Service Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Allseas Group S.A.
- Company Overview
- Decommissioning Service Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- DeepOcean Group Holding B.V.
- Company Overview
- Decommissioning Service Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- John Wood Group Plc
- Company Overview
- Decommissioning Service Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Exxon Mobil Corporation
- Company Overview
- Decommissioning Service Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Analyst Views
- Section
- References
- Research Methodology
- About us and Sales Contact
*Browse 5 market data tables and 15 figures on "Offshore Decommissioning Market - Global forecast to 2027”.
Research Methodology
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- Primary Research (Trade Surveys and Experts Interviews)
- Desk Research
- Proprietor Data Analytics Model
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
- National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
- Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
- Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
- Trade association, National and international media and trade press.
- Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
- Scientific journals, and other technical magazines and whitepapers.
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Data Standardization:
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
- Micro-economic indicators
- Macro-economic indicators
- Environmental indicators
- Socio-political indicators
- Technology indicators
Data Processing
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
Data Validation
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
- It provides first-hand information on the market dynamics, outlook, and growth parameters.
- Industry experts validates the estimates which helps the company to cement the on-going research study.
- Primary research includes online surveys, face-to face interviews, and telephonic interviews.
The primary research is conducted with the ecosystem players including, but not limited to:
- Raw Material Suppliers
- Manufacturers
- System Integrators
- Distributors
- End-users
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